Old Dominion Freight Line (NASDAQ:ODFL) Stock Price Target Cut by Susquehanna

Key Points

• Susquehanna cut its price target on Old Dominion Freight Line from $202 to $200 and maintained a neutral rating; the revised target implies 17.26% upside from the current share price.
• Analyst sentiment is broadly cautious: MarketBeat reports a consensus “Hold” rating and an average price target of $217.22, based on 10 Buy, 15 Hold, and one Sell rating.
• Old Dominion beat quarterly earnings expectations, reporting $1.65 per share versus a $1.61 consensus estimate. Revenue rose 13.1% year over year to $1.59 billion.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) had its price objective cut by research analysts at Susquehanna from $202.00 to $200.00 in a report issued on Friday, Benzinga reports. The firm currently has a "neutral" rating on the transportation company's stock. Susquehanna's price objective suggests a potential upside of 17.26% from the company's current price.

Several other equities research analysts have also commented on ODFL. Stifel Nicolaus dropped their price target on shares of Old Dominion Freight Line from $230.00 to $224.00 and set a "buy" rating on the stock in a research note on Thursday, October 29th. UBS Group reduced their price objective on Old Dominion Freight Line from $228.00 to $194.00 and set a "neutral" rating for the company in a research report on Thursday, October 29th. TD Cowen decreased their price objective on Old Dominion Freight Line from $233.00 to $226.00 and set a "hold" rating for the company in a report on Thursday, October 29th. Wall Street Zen cut Old Dominion Freight Line from a "buy" rating to a "hold" rating in a research report on Sunday, October 25th. Finally, JPMorgan Chase & Co. cut their target price on Old Dominion Freight Line from $232.00 to $216.00 and set a "neutral" rating on the stock in a research note on Friday, October 30th. Ten research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average price target of $217.22.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $170.56 on Friday. Old Dominion Freight Line has a one year low of $126.01 and a one year high of $252.03. The company has a 50-day simple moving average of $181.52 and a 200-day simple moving average of $201.49. The firm has a market capitalization of $35.37 billion, a P/E ratio of 30.68, a P/E/G ratio of 2.93 and a beta of 1.14.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The transportation company reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.04. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.57 billion. Old Dominion Freight Line had a net margin of 20.08% and a return on equity of 25.92%. Old Dominion Freight Line's quarterly revenue was up 13.1% compared to the same quarter last year. During the same period last year, the firm posted $1.28 EPS. As a group, sell-side analysts forecast that Old Dominion Freight Line will post 5.93 earnings per share for the current year.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the business's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the sale, the senior vice president directly owned 22,746 shares in the company, valued at approximately $4,512,578.94. The trade was a 46.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 8.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ODFL. Eurizon Capital SGR S.p.A. lifted its position in Old Dominion Freight Line by 21.5% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 27,784 shares of the transportation company's stock worth $4,836,000 after acquiring an additional 4,916 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Old Dominion Freight Line in the third quarter valued at about $292,000. Maryland State Retirement & Pension System grew its position in shares of Old Dominion Freight Line by 12.1% in the third quarter. Maryland State Retirement & Pension System now owns 11,405 shares of the transportation company's stock valued at $1,983,000 after purchasing an additional 1,228 shares during the last quarter. First Command Advisory Services Inc. increased its stake in shares of Old Dominion Freight Line by 155.7% in the third quarter. First Command Advisory Services Inc. now owns 514 shares of the transportation company's stock worth $89,000 after purchasing an additional 313 shares during the period. Finally, Machina Capital S.A.S. bought a new position in shares of Old Dominion Freight Line in the third quarter worth about $1,024,000. Institutional investors and hedge funds own 77.82% of the company's stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company's services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.

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